E-mini S&P 500 Index (ES) Futures Technical Analysis – March 9, 2018 Forecast

June E-mini S&P 500 Index futures are called higher based on the pre-market trade. The rally is being fueled by better-than-expected job growth for the previous month. The index is also being underpinned by the news that President Trump has accepted an invitation to meet with the leader of North Korean Kim Jong Un by the month of May.

Daily Swing Chart Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. The main trend will change to up on a trade through 2795.00. This could eventually generate the upside momentum needed to challenge the all-time high at 2883.25. A move through 2651.75 will signal a resumption of the downtrend.

The main range is 2883.25 to 2532.50. Its retracement zone at 2707.75 to 2749.25 is controlling the longer-term direction of the index.

The short-term range is 2532.50 to 2795.00. Its retracement zone at 2663.75 to 2632.75 is a support area.

Daily Swing Chart Forecast

Based on the current price at 2757.75 and the earlier price action. The direction of the index today will be determined by trader reaction to 2749.25.

A sustained move over 2749.25 will indicate the presence of buyers. This could create the upside momentum needed to drive the index into 2795.00.

A sustained move under 2749.25 will signal the presence of sellers. This is the trigger point for a possible acceleration into 2707.75. This price is also the trigger point for an even steeper move into 2773.75.